Russian diesel is coming to Turkey: they buy cheap and sell citizens dear
Russian diesel, banned by the European Union (EU) since February, is coming to Turkey.
According to Bloomberg’s compilation from Vortexa data, Turkey’s diesel imports from Russia exceeded 10 million barrels in March, hitting a 7-year peak. Diesel imports from Russia, which averaged 339,000 barrels per day in March, were up about 50 percent compared to February.
Facts Leading global energy refined products consultancy Eugene Lindell, in his assessment of such a development, stated that Turkey is the country that benefits most from the removal of Russian oil products.
CHEAP RUSSIAN MOTOR
According to data compiled by Bloomberg, Russian oil products appear to be more discounted than the Western European market.
Consequently, the FOB price of the Black Sea of ​​Russian origin is at the level of 89 dollars per barrel, while the price of the Western Mediterranean is at the level of 108 dollars.
While Russian products are further discounted, retail prices in Turkey’s domestic markets are determined by considering the western Mediterranean.
In the Bloomberg news, it was also pointed out that Turkey could meet its domestic consumption with cheap Russian diesel and sell its own diesel to EU countries at high prices.
In fact, according to EMRA data, Turkey’s exports of diesel types increased by 101.96 percent in January compared to the same month of the previous year and reached 338 thousand tons.
WHO MATTERS?
According to EMRA data, Turkey’s diesel import from Russia, which was 293 thousand tons in January 2022, increased to 538 thousand tons in January 2023 with an annual increase of 84 percent. Türkiye in January
69 percent of diesel imports, which totaled 777 thousand tons, were made from Russia.
According to the EMRA report, the companies that have the license to import diesel and their import amounts in January are the following:
Tüpraş: 173 thousand tons
Star Refinery: 0
Opet: 168 thousand tons
Ofisi gasoline: 100 thousand tons
Shell: 98 thousand tons
TP Oil: 77 thousand tons
Fine Energy: 63 thousand tons
BP: 47 thousand tons
Aytemiz: 40 thousand tons
Energy oil: 6 thousand tons
Kadooglu: 5 thousand tons
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
